On Your List Of Things To Discuss With Your Estate Planning Lawyer: Trusts And Tax Implications

Families who prepare carefully for the future pave the way for continued financial security for generations that follow. MHK Attorneys advises both people establishing trusts as part of their own estate planning and trustees responsible for administering assets held in a trust after a death. Our law firm primarily serves people in Monroe County, the Lehigh Valley and the greater Northeastern Pennsylvania. We look forward to the opportunity to explain how we can help you protect assets across generations through estate planning.

Trusts Are Often A Key Component Of A Successful Estate Plan

A thorough estate plan may include one or more trusts such as:

A revocable living trust that a person can retain control of over a lifetime

An irrevocable trust, often used as a way to minimize tax burdens associated with life insurance proceeds

A charitable trust

A charitable remainder trust, which can provide for family members as well as a charitable cause

A special needs trust, often established for the benefit of a disabled adult child

Each individual and married couple has unique considerations with regard to assets and intentions for passing on assets. There is no substitute for a personalized discussion with an estate planning lawyer as you determine whether trusts are desirable and will be effective in carrying out your wishes.

Estate Taxes Are Less Of A Consideration Than In The Past

Many people have traditionally established trusts in order to help beneficiaries avoid estate taxes. That is much less of a concern at the federal level than it once was. Changes to federal laws have resulted in generous estate tax exemptions.

In 2014, the federal estate tax exemption rose to $5.43 million per person for 2015, whereas the annual gift exclusion amount stayed at $14,000.

Consequently, middle-class people are more concerned about estate taxes at the state level than at the federal level. Our law firm can direct you in estate planning that takes into account Pennsylvania inheritance taxes.

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Our Pennsylvania estate planning lawyers take time to listen and communicate clearly with our clients who arecreating wills, taking wills through probate, setting up trusts andadministering trusts. We welcome the opportunity to guide you through the most appropriate, expedient solutions in the areas of estate planning and estate administration.

Contact Us To Discuss Pennsylvania Trusts And Tax Implications

For information, peace of mind and preparation of your most important estate planning tools,contact us. Meet with one of our lawyers in Monroe County, Pennsylvania, for a personalized discussion of trusts and their implications for your family.

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